Englandan unchangeable token that is part of a broader proposal to make the country a more attractive hub for crypto innovation (NFT) canceled launch plans.
UK Government Cancels Plans to Launch NFT
This move, proposed by the then Finance Minister and current Prime Minister Rishi Sunak, was announced by the British Royal Mint in the spring of 2022.
At the time, the British government also took action to put so-called stablecoins into a regulatory framework for use as a recognized form of payment.
In a written response to questions posted on the UK parliament’s website on Monday, Treasury Secretary Andrew Griffith said the Royal Mint “is currently not continuing the rollout of the Immutable Token but will continue to review this proposal”.
Despite the cancellation of the NFT project, the UK government has demonstrated continued interest in the crypto space and its potential for innovation and economic growth.
In recent years, the country has taken steps to provide a more conducive regulatory environment for cryptocurrency companies and investors in an effort to attract more business to the UK.
While the decision to cancel the NFT project was disappointing to some in the crypto community, it also reflects a growing awareness of the potential risks and challenges associated with government intervention in the cryptocurrency space.
As the crypto industry continues to evolve and mature, governments around the world are likely to continue to be concerned with how best to regulate and interact with this emerging technology.
*Not investment advice.
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